A new survey by Okta reveals that nearly one-third of Canadian small and medium-sized businesses (SMBs) are unaware of the financial consequences of cyberattacks, despite being impacted by them. While 60% of SMB owners rank cyberattacks as a top concern, alongside inflation and high interest rates, many still rely on basic security measures like antivirus software, leaving them vulnerable. Okta found that 75% of SMBs using more advanced security tools, such as identity management, reported greater confidence in detecting attacks.
Okta’s findings highlight the broader repercussions of cyberattacks, including the strain on mental health and employee morale. Nearly half of SMB owners expressed concern over the mental well-being of their employees following an attack. The survey also revealed that although 70% of SMBs believe their staff understand cybersecurity measures, only 47% offer regular cybersecurity training, indicating a gap in preparedness.
Dan Kagan, Okta Canada’s SVP, emphasized that SMBs must adopt a holistic approach to security that not only includes robust technological defenses but also fosters a strong security culture within organizations. This approach, he notes, is essential for safeguarding business operations and maintaining customer trust in today’s complex threat landscape.
